Andy Burnett Acquires Hotel At 1260 Broadway In Midtown West For $55.5M From Seller Brad Thurman
1260 Broadway, Brooklyn, NY, USA
$55,500,000
$168/SF
Building Size
330,000 SF
Asset Type
Hotel
Closing
Nov 10, 2021
AI
1260 Broadway, located in Midtown West, has been sold in a closed transaction. The property, a hotel, was acquired by Andy Burnett from Brad Thurman for a total sale price of $55,500,000. Spanning across 330,000 square feet, the hotel has 531 keys, resulting in a price per key of $104,519. The price per square foot stands at $168.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $55,500,000
- Address: 1260 Broadway, Midtown West
- Buyer: Andy Burnett
- Seller: Brad Thurman
- Seller's Representative: Eric Michael Anton & Nelson Lee - Marcus & Millichap - The Anton Group
- Keys: 531
- Price Per Key: $104,519
- Square Footage: 330,000
- Price Per Square Foot: $168
Leading the transaction were Eric Michael Anton and Nelson Lee from Marcus & Millichap - The Anton Group, who represented the seller, Brad Thurman.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93